- Dogecoin price ascended from the $0.128 support to consolidate above $0.14 demand zone
- Price remains bullish and on course to rise as high as $0.194 before profit taking initiates
- A 24-hour close below $0.128 will invalidate the bullish momentum
Dogecoin price analysis is bullish today, with the token consolidating above the $0.128 support zone during the day with a slight increase. Price ascended as high as $0.1448 during the day to set up a potential increment towards $0.16. DOGE crashed 35 percent after the decline that began on January 16, and maintained below the December 4 low at $0.128 till last week. After the downturn, the token has consolidated around $0.14 demand zone and further buying momentum could take price up to the 50-day simple moving average (SMA) at $0.16 over the course of the next 24 hours. There is also potential to reach up to $0.194 where the 100-day SMA sits.
The larger cryptocurrency market showed largely bullish signs over the course of the day’s trade, with Bitcoin sitting just short of $38,500. Ethereum saw a 2 percent rise to reach back within touching distance of the $3,000 mark, whereas Altcoins also showed gains. Cardano increased 3 percent up to $1.08, Ripple 2.5 percent to $0.62 and Litecoin 4 percent to $113.66. Solana jumped up 9 percent to reach as high as $108.50 whereas Polkadot rose 3 percent to $19.98.
Dogecoin price analysis: 24-hour chart shows price gaining past crucial EMAs
The 24-hour candlestick chart for Dogecoin price analysis shows price touching the crucial 25 and 50-day exponential moving averages (EMAs) as a result of the day’s price action, where price continued to consolidate. The relative strength index (RSI) shows an increasing value of 41.27, showing increasing market valuation for DOGE. The RSI is supplemented by the increasing number of 24-hour active addresses for DOGE which have increased more than 213 percent since January 25, showing interest from traders. Similarly, the moving average convergence divergence (MACD) curve represents a healthy outlook for DOGE, as it moved past its neutral zone over the past 24 hours.
Overall, major technical indicators suggest price has the potential to continue consolidation over the current trend around the $0.14 barrier. Any short-term buying surge could also take price further upwards to the next resistance point at $0.183, with potential also to hit the pre-January 16 decline level at $0.194. On the contrary, the bullish thesis will invalidate if price slips below the immediate support zone at $0.128 over the daily chart, which could trigger a decline towards $0.09.
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